Vopak, Worlds Largest Chem Shipping Company Born
Pakhoed NV and Van Ommeren - after years of toying with the idea of consolidation - have formally become the world's largest chemical shipping, tank storage and logistics group with the launch of Vopak shares on the Amsterdam bourse. The shares started trading at $24.84 (26.05 euros) and closed at a session high of 27 euros, giving the new company a market capitalization of $1.46 billion (1.396 billion euros). With more than 90 terminals, Vopak will hold about 30 percent of the world market in independent tank storage in addition to its market leading position in U.S. chemicals distribution and number two position in the European market, with an estimated overall worldwide market share of about five percent.
Happy Birthday, Vopak: Worlds Largest Chem Shipping Company Born
After years of courting, Pakhoed NV and Van Ommeren formally became the world's largest chemical shipping, tank storage and logistics group last Thursday with the launch of Vopak shares on the Amsterdam bourse. The shares started trading at $24.84 (26.05 euros) and closed at a session high of 27 euros, giving the new company a market capitalization of $1.46 billion (1.396 billion euros). "We don't expect any spectacular movements in the share price" in the short term, said SNS Securities analyst Okko de Jager, who has a "buy" recommendation on the shares. The on-again, off-again merger of the former rivals has created a giant with deep pockets - estimated at one billion euros - and market commanding positions in Europe and the U.S.
